KUALA LUMPUR (Nov 1): Salutica Bhd has stated that while there are no undisclosed corporate developments, rumours, or reports explaining unusual market activity (UMA), the ongoing legal suit involving their subsidiary and Apple Malaysia is a potential contributing factor.
In a response to Bursa Securities regarding the UMA of the counter, Salutica said there is no rumour or report concerning the business and affairs of the group that may account for the trading activity.
It is also unaware of any credible rumour or report concerning the business and affairs of the group that may account for the trading activity.
However, other possible explanation to account for the trading activity could be its ongoing legal suit involving its subsidiary Salutica Allied Solutions Sdn Bhd and Apple Malaysia in the Kuala Lumpur High Court.
“As at the date of this announcement, the legal suit is on-going with the trial dates fixed on March 11-14, 2024 and March 18-21, 2024 as stated in our previous announcement dated Aug 23, 2023.
“In addition to the Malaysian suit, the group will also consider other appropriate avenues to safeguard its intellectual property rights against potential infringement from time to time,” it said in a filing on Wednesday.
Salutica shares settled below the RM1 mark at noon break, although lower by 7.35% or 7.5 sen at 94.5 sen.
A day prior, the counter rose to an intra-day high of RM1.04, before retreating to close at RM1.02, still up 17.5 sen or 20.71% — slotting it among Bursa Malaysia’s top gainers.